France data monetization is projected to grow at a CAGR of 6.06% to reach a market size of US$12.145 billion by 2027, from US$8.044 billion in 2020.
The major factors driving the market growth are the rising internet penetration in the country and growing efforts by fintech companies to improve their financial activities, such as paying, insuring, or lending money to businesses and customers, which will significantly contribute to the overall market growth. The development of information monetization solutions is growing, as large data sets generated by company operations may be leveraged to get actionable insights, promoting the market growth.
France Data Monetization Market Drivers:
Rising Internet Penetration
Rapid Internet penetration in the country, owing to the availability of cost-effective data plans, has increased digital adoption in the country, which is expected to drive overall market growth during the forecast period. The number of internet users in France has increased by 126,000 (+0.2%) between 2019 and 2020 (Source: Digital 2020). Also, France is considered one of the biggest E-commerce markets globally, and it is ranked third in Europe. The French e-commerce market was estimated to be around EUR 46.688 billion in 2019 (Source: Centre for Retail Research). The main factors contributing to the growth of the overall market are digital savings, higher internet penetration, and a rise in online digital payments. The total number of active e-commerce sites in the country is 110k+ which is higher than other European countries and is anticipated to drive the demand for data monetization during the forecast period.
France Data Monetization Market
Based on the end-user industry, the segment is divided into retail, manufacturing, automotive, BFSI, media and entertainment, and others. The BFSI segment is anticipated to dominate the overall market growth during the forecast period. Neo banks in the country are expected to dominate the banking sector in France. For instance, UK based banking app entered France’s neo bank market a few years back and has 800,000 current account holders, which generates a considerable volume of data and is expected to drive the overall market growth during the forecast period. Moreover, Fintech companies in the country are improving their financial activities, such as paying, insuring, or lending money to businesses and customers, which will significantly contribute to the overall market growth. For instance, Shift Technology is working on an AI-based fraud detection SaaS+ solution used by more than 60+ insurers globally. The company is making efforts to build a strong business case for claims automation, for which it has invested around 100 million in its business. Fintech companies in the country are projected to drive the digitalization of the banking sector, which in turn is anticipated to drive the overall market growth.
COVID-19 has slowed down the overall market growth as the end-user industries were severely impacted by the pandemic. However, the rise in digitalization, edge computing cloud, and growth in the data center market has significantly contributed to the overall market growth. It will continue to drive market growth in the coming years as well. France contains various data centers in major cities such as Paris, Lyon, and Lille, which are expected to provide various lucrative opportunities to the key players in the market.
To remain competitive in the market, industry players are implementing various strategies such as new product launches, mergers and acquisitions, collaborations with the government, investment for start-ups, and technical developments. The Banque des Territoires, Groupe IDEC, and Thésée Datacenter have signed an agreement to build a new Tier IV shared data center campus in France, significantly contributing to the overall market growth.
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